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‘BUYER BEWARE’: President Trump warns trade partners as EU pauses major deal
The European Union has postponed a vote on a major trade deal with the U.S. amid uncertainty over new tariffs set to begin, prompting a warning from President Donald Trump.
Global trade remains unsettled after the European Parliament’s trade committee postponed a ratification step on a major U.S.–EU trade deal, citing uncertainty over new U.S. tariffs set to take effect Tuesday.The move comes after a recent Supreme Court ruling limiting President Donald Trump’s authority.Trump responded on social media, warning that “any country that wants to ‘play games’” could face “a much higher tariff,” adding, “BUYER BEWARE.”The Supreme Court recently struck down the president’s use of emergency powers under the International Emergency Economic Powers Act (IEEPA) to impose sweeping “liberation day” tariffs. Those tariffs will now be replaced by a new 15% global rate under a separate trade law passed by Congress. Under the tariffs struck down by the Supreme Court, the government collected about $133 billion in revenue based on CBP-reported collections through mid-December, though some estimates for total receipts potentially subject to refunds run higher.Tad DeHaven from the Cato Institute said, “The federal government has the information. They know darn well who paid and who paid what. Again, this is a choice. You can either make it simple or you can make it difficult.”The administration has stated it won’t decide the issue of refunds due to the Supreme Court’s lack of a ruling on the matter.Treasury Secretary Scott Bessent said the Supreme Court “remanded it down to a lower court,” a process that could take weeks or months.Experts indicate that any refunds would go to importing companies, not directly to consumers, even though many shoppers likely paid higher prices. Meanwhile, three Democratic lawmakers, including Sen. Jeanne Shaheen of New Hampshire, are introducing legislation demanding the administration return tariff revenue to businesses and consumers, with interest.The developments come as Trump prepares to deliver his State of the Union address Tuesday. He has said the speech will be lengthy, as he faces mounting challenges, including a partial Homeland Security shutdown, rising tensions with Iran, and falling approval ratings.The president has invited the gold-medal-winning U.S. men’s and women’s hockey teams as guests, joking he would “probably be impeached” if he did not invite the women’s team.
Global trade remains unsettled after the European Parliament’s trade committee postponed a ratification step on a major U.S.–EU trade deal, citing uncertainty over new U.S. tariffs set to take effect Tuesday.
The move comes after a recent Supreme Court ruling limiting President Donald Trump’s authority.
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Trump responded on social media, warning that “any country that wants to ‘play games’” could face “a much higher tariff,” adding, “BUYER BEWARE.”
The Supreme Court recently struck down the president’s use of emergency powers under the International Emergency Economic Powers Act (IEEPA) to impose sweeping “liberation day” tariffs. Those tariffs will now be replaced by a new 15% global rate under a separate trade law passed by Congress.
Under the tariffs struck down by the Supreme Court, the government collected about $133 billion in revenue based on CBP-reported collections through mid-December, though some estimates for total receipts potentially subject to refunds run higher.
Tad DeHaven from the Cato Institute said, “The federal government has the information. They know darn well who paid and who paid what. Again, this is a choice. You can either make it simple or you can make it difficult.”
The administration has stated it won’t decide the issue of refunds due to the Supreme Court’s lack of a ruling on the matter.
Treasury Secretary Scott Bessent said the Supreme Court “remanded it down to a lower court,” a process that could take weeks or months.
Experts indicate that any refunds would go to importing companies, not directly to consumers, even though many shoppers likely paid higher prices.
Meanwhile, three Democratic lawmakers, including Sen. Jeanne Shaheen of New Hampshire, are introducing legislation demanding the administration return tariff revenue to businesses and consumers, with interest.
The developments come as Trump prepares to deliver his State of the Union address Tuesday. He has said the speech will be lengthy, as he faces mounting challenges, including a partial Homeland Security shutdown, rising tensions with Iran, and falling approval ratings.
The president has invited the gold-medal-winning U.S. men’s and women’s hockey teams as guests, joking he would “probably be impeached” if he did not invite the women’s team.
